The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for a proposed rule to modernize decommissioning financial assurance requirements for the offshore oil and gas industry, the agency said on Aug. 24.
In June, BOEM said the proposed changes were intended to better protect American taxpayers from incurring the costs associated with the oil and gas industry’s responsibility to decommission offshore wells and infrastructure once they are no longer in use, particularly if a company is bankrupt.
To better predict financial distress, BOEM would use credit ratings or require companies without an investment-grade credit rating to provide additional financial assurance. BOEM said it is seeking public feedback on whether it should rely on credit ratings to make these determinations and what credit rating threshold would best protect taxpayer interests without imposing undue burdens on industry.
The proposed rule was published in the Federal Register on June 29, which triggered a 60-day public comment period through August 28. BOEM will now accept comments through 11:59 p.m. Eastern Time on Thursday, Sept. 7. To comment on the proposed revisions, go to https://www.regulations.gov/docket/BOEM-2023-0027.
Recommended Reading
APA, Palantir Expand Partnership to Deploy New AI Across E&P Operations
2024-09-25 - APA Corp. will introduce new AI capabilities to its oil and gas operations with Palantir Technologies’ Artificial Intelligence Platform (AIP) software.
ZEMA Global to Acquire Morningstar’s Commodity Data Business
2024-09-23 - ZEMA Global Data Corp. is acquiring Morningstar Commodity Data to meet demand for data and analytics prompted by the global energy transition.
SLB Launches New GenAI Platform Lumi
2024-09-17 - Lumi’s machine learning capabilities will be used to enhance SLB’s Delfi digital platform offering for better automation and operational efficiencies.
PakEnergy Plows Ahead with New SCADA Solution
2024-09-17 - After acquiring Plow Technologies, home of the OnPing SCADA platform, PakEnergy looks to enhance its remote monitoring solutions.
ChampionX Releases New Plunger Lift Well Solution
2024-09-13 - The SMARTEN Unify control system is the first plunger lift controller in ChampionX’s SMARTEN portfolio.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.